Electronic goods help people’s daily life. Starting from the needs in the kitchen, entertainment needs, communication needs, household appliances, tools in the office, and so on.

For example, TV, fan, radio, laptop, smartphone, dispenser, toaster, washing machine, refrigerator, air conditioner, and others. Along with the large demand for electronic devices, the electronic business is considered a promising opportunity.

Moreover, the rapid development of technology, there will always be new types of electronic goods or new brands that consumers want to have.

If you want to try this business opportunity, learn some tips for starting an online electronic business below!

1. Determine the Type of Electronic Product
There are many types of electronic products, including by brand, quality, and price range. Before starting an electronic goods business, you have to determine what products and what kind of products have the potential to be marketed.

If you want to target the location and target high-end consumers, then provide well-known and quality brands. If you want to target a wider target consumer, you can provide products of the lowest to medium quality and price.

You can focus on that too. For example, if you want to target housewives in the middle class, then provide electronic goods related to household needs such as rice cookers, fans, blenders, electric mops, and so on.

2. Determine the Type of Electronic Store
There are three types of electronics stores:

Multi Brand Outlet: Electronic store that provides products from various brands.
Single Brand (Franchise): Stores that focus on only one brand. All kinds of products but only from that brand.
Used Dealers: Electronic stores that sell reconditioned products at more affordable prices.
3. Prepare Capital
The choice of the type of electronic product to be sold must adjust to your capital, yes. Or, you can start with small capital and slowly develop your business until you are able to provide the needs of more electronic goods.

This capital preparation is also crucial, you have to really take it into account. Starting from costs for trading capital, location rental, operational costs, employee salaries (if any), and other emergency funds.

4. A Mature Business Plan
Points included in business planning, including:

What is the company’s vision and mission?
What is the general picture of business in the industry?
Who is the market segmentation?
What are the details and product types?
Details of capital and operating costs?
How will the marketing strategy be executed?
Profit and loss calculation plan.
Break Even Point (BEP) Calculation
Competition analysis.
Prepare business strategy.
You have to do market research to get a clear picture of the business industry and what you have to do so that your business strategy is right on target.

5. Understand the Competitors
There are many other business people in the electronics industry, understand what they are doing. That includes:

What products do they sell?
How is the service?
What is the market price range offered?
What is the marketing strategy?
How and why do consumers come to them?
Learn and make a strategy that is better than competitors, or at least you should be able to compete in its class.

6. Know Your Target Consumers
It is very important to understand who your target customers are. Some factors to consider:

What is the most preferred brand in the region?
What are the preferred product features
How much does the average consumer spend on buying electronics?
How is the purchasing power of consumers in the target location?